If we remove the Top 8 companies by market cap (basically all tech), the S&P looks terrible.
I would consider this the true state of the economy.
Since May 2023, these companies overall are trading well below the 55 EMA and starting, to what looks like, form a bearish pennant down the .50 Fib support.
I have a feeling that by early October, we start to see capitulation take place because the wick to the Oct 2022 lows was not sufficient for a market reset.
I would consider this the true state of the economy.
Since May 2023, these companies overall are trading well below the 55 EMA and starting, to what looks like, form a bearish pennant down the .50 Fib support.
I have a feeling that by early October, we start to see capitulation take place because the wick to the Oct 2022 lows was not sufficient for a market reset.